Interactive Brokers (NASDAQ:IBKR) – Interactive
Brokers revealed a loss of $48 million due to an error on the New
York Stock Exchange that temporarily showed a 99% drop in the stock
prices of some companies, including Warren Buffett’s Berkshire
Hathaway. The broker attempted to claim compensation for the loss,
but the NYSE denied the request.
Amazon (NASDAQ:AMZN) – Amazon shares closed up
3.9% on Wednesday, reaching $193.61 and boosting its market value
to over $2 trillion. Reaching the $2 trillion market cap is a
testament to Amazon’s resilience and adaptability in the
competitive tech market. The company took more than four years to
achieve this milestone, having first reached the $1 trillion mark
in 2018 and again in 2020. Amazon plans to launch a section on its
shopping site with cheap items that will be shipped directly from
warehouses in China to international consumers. According to The
Information, this section will offer unbranded fashion, home items,
and daily necessities, with delivery expected within 9 to 11 days.
Additionally, the Amazon Web Services conference was interrupted by
protesters demanding the cancellation of a $1.2 billion contract
with the Israeli government, shared with Google. They accused
Amazon of complicity in genocidal events in the conflict with
Hamas, considered a terrorist organization by the EU and the US.
Amazon shares fell 0.05% in pre-market trading.
Nvidia (NASDAQ:NVDA) – Nvidia CEO Jensen Huang
credited the company’s success in the artificial intelligence chip
market to a strategic decision made over a decade ago, which
included billion-dollar investments in AI and building a strong
team of engineers. He highlighted Nvidia’s transition from focusing
on gaming to data centers and AI as essential for its growth.
Nvidia shares fell 1% in the previous regular trading session and
were down 1.1% in pre-market trading on Thursday.
Alphabet (NASDAQ:GOOGL), CME
Group (NASDAQ:CME) – Google is testing facial recognition
in Kirkland, Washington, for office security. The system compares
facial data from cameras with employee badge photos to detect
unauthorized presences, aiming to maintain security. Collected data
is not stored, and employees can opt out. Additionally, Google and
CME Group are creating a new cloud computing network to transfer
futures and options trading to the cloud. The data center will be
built near CME’s current center in Aurora, Illinois, to minimize
disruptions to clients. The 10-year alliance began in 2021, with
Google investing $1 billion in CME. Alphabet shares rose 0.1% in
pre-market trading.
Trump Media & Technology Group (NASDAQ:DJT)
– Trump Media shares closed nearly 8% higher on Wednesday,
recovering after an initial drop of more than 6% the same day. The
positive move in the shares comes since last Friday, after a sharp
decline following the SEC’s declaration that additional shares of
the company were effective. Shares rose 2.6% in pre-market
trading.
Infosys (NYSE:INFY) – Infosys CEO Salil Parekh
resolved allegations of not implementing adequate internal controls
to prevent insider trading at the company during a 2020 contract.
Parekh agreed to pay 2.5 million rupees (about $30,000) to settle
the dispute with the Indian market regulator. Shares rose 1.5% in
pre-market trading.
Honeywell (NASDAQ:HON) – After a period of
underperformance, Honeywell International shares may be ready for a
rebound. The company, known for its leadership and strong balance
sheet, faced difficulties due to the pandemic. With new annual
profit growth targets and more accessible stock valuation,
Honeywell is positioned to regain its success under the leadership
of Vimal Kapur. Honeywell aims for annual profit growth of 10%,
looking to revitalize the company after an average annual profit
growth of just 3% from 2018 to 2023, a period during which its
shares rose only 24%.
Nokia (NYSE:NOK) – Nokia announced it will sell
its submarine networks business, ASN, to the French state for 350
million euros ($374 million), but this will not alter its financial
forecasts. The sale, expected to be completed between late 2024 and
early 2025, will reduce Nokia’s network infrastructure group’s
sales by 1 billion euros. Shares rose 1.4% in pre-market
trading.
Citigroup (NYSE:C) – Citigroup warned employees
to avoid confrontations with protesters at its New York
headquarters as climate and pro-Palestinian activists try to block
the entrance. The bank’s Security and Investigation committee
advised employees to follow safety and local police guidance. In
other news, Peter Cai, Citigroup’s head of risk data, analytics,
reporting, and technology, left the bank. This is the latest in a
series of executive departures since the company’s reorganization
began in September, amid challenges with risk management and data
governance. Shares rose 0.5% in pre-market trading.
UBS Group AG (NYSE:UBS) – UBS is pressing the
Swiss government for clarity on how much more capital it will need
to hold following its purchase of Credit Suisse, amid concerns that
negotiations could drag on for months, causing investor
uncertainty. It is still unclear whether the additional $15 to $25
billion in capital mentioned by the finance minister in April is
over and above the $19 billion already committed due to the
increased size of the bank.
Mizuho Financial Group (NYSE:MFG) – Mizuho
Financial Group has become the latest Wall Street firm to establish
its base in the Middle East in Saudi Arabia. The Japanese bank
recently received a license from the Saudi Ministry of Investment
to set up its regional headquarters in Riyadh. The firm is
complying with the Saudi requirement to do business with government
entities, which requires a regional base with at least 15
employees.
Carlyle (NASDAQ:CG), KKR &
Co (NYSE:KKR), Discover Financial
(NYSE:DFS) – Carlyle and KKR won a bid for a $10 billion student
loan portfolio from Discover Financial, as reported by the
Financial Times. The joint offer outbid competitors Sixth Street,
BlackRock, and the Canada Pension Plan Investment Board, selling
the portfolio above face value.
Bain Capital (NYSE:BCSF) – Bain Capital, CVC
Capital Partners, and Francisco Partners are considering bids for
Orisha, a French software company valued at up to $2.1 billion. TA
Associates, which invested in Orisha in 2021, plans to retain a
stake alongside a new owner. The bids are in the submission phase
for the Paris-based company.
Blackstone (NYSE:BX) – Blackstone, the private
equity firm, completed the acquisition of Village Hotels, which
operates 33 mid-range hotels in the UK, marking a strengthening of
its presence in the lucrative hospitality sector, which has
outperformed the broader commercial real estate market.
Toyota Motor (NYSE:TM) – Toyota is recalling
145,254 vehicles in the US due to side airbags that may not deploy
properly, according to the National Highway Traffic Safety
Administration. In some vehicles, the driver’s side airbag may not
deploy as intended and could partially deploy out of an open
window.
Honda (NYSE:HMC) – Honda launched an updated
version of its Freed minivan in Japan, including a two-motor
hybrid, as pure electric cars lose popularity. With promising
initial sales and an annual target of 700,000 units, Honda aims to
lead with hybrids until 2030 while also preparing to invest in
EVs.
Tesla (NASDAQ:TSLA) – Tesla shares fell 0.8% in
pre-market trading. Tesla investors are weighing upcoming delivery
results against other factors that could impact the stock’s
performance. Projections for the second quarter of 2024 indicate
deliveries of approximately 440,000 vehicles, down from 466,000 the
previous year, with recent estimates pointing to around 422,000
cars, reflecting a year-over-year decline of more than 10%. Stephen
Gengaro, an analyst at Stifel, initiated coverage of Tesla stock
with a buy recommendation and a price target of $265. He highlights
Tesla’s leadership position in the electric vehicle sector,
comparing it to major tech companies. Despite the recent slowdown
in sales, Gengaro foresees improvement for Tesla, driven by
expanding charging infrastructure, launches of more affordable
models, and technological advancements. In other news, SpaceX plans
to sell insider shares at $112 each in a tender offer, raising its
valuation to nearly $210 billion, up from $180 billion in December.
This decision reflects strong investor demand, setting a new record
for the valuation of a private company in the US, still below
ByteDance’s $268 billion.
Rivian (NASDAQ:RIVN) – Rivian shares fell 0.3%
in pre-market trading. Despite a 30% jump on Wednesday, driven by
Volkswagen’s planned $5 billion investment, the company is still
90% below its peak valuation of $153 billion in November 2021. Its
current valuation is about $15 billion, a difference of roughly
$138 billion. According to Reuters, engineers in California
received camouflaged Audis from Germany earlier this year to test
the integration of Rivian’s advanced technology into the vehicles.
This testing explored the feasibility of future Volkswagen EVs
benefiting from Rivian’s innovations, culminating in Volkswagen’s
significant investment in the startup.
Zeekr (NYSE:ZK) – From May 2023 to April 2024,
electric vehicle sales in Russia increased by about 350%
year-over-year, with more than 20,500 EVs sold. Chinese brands
accounted for more than half of these sales. Zeekr, a premium
Chinese brand, particularly stood out, selling over 8,000 cars
since June last year, despite not having an official presence in
Russia. This growth comes as Western manufacturers withdrew from
the Russian market due to the conflict in Ukraine, allowing Chinese
manufacturers to capture a significant market share.
Boeing (NYSE:BA) – A Boeing executive disclosed
non-public information from an NTSB investigation into a 737 MAX
incident, violating regulations, according to Reuters. The NTSB,
highlighting that Boeing is well aware of the rules, limited its
access to information and will report the case to the US Department
of Justice. Additionally, Boeing is resuming wide-body jet
deliveries to China, which had been halted due to a Chinese
regulatory review. Boeing 737 MAX deliveries are expected to
restart as early as next month. Shares rose 0.7% in pre-market
trading.
Southwest Airlines (NYSE:LUV) – Southwest
Airlines continues to face pricing issues in the second quarter,
despite expectations of record summer travel demand in the United
States. Southwest Airlines shares fell on Wednesday after the
company lowered its expectations for second-quarter RASM,
anticipating a decline of 4% to 4.5%, compared to the previous
forecast of a 1.5% to 3.5% decline. Additionally, the stock’s value
has dropped 25% over the past two years and has been targeted by
activist investor Elliott Management, which has called for changes
in leadership and the board. Shares fell 0.3% in pre-market
trading.
Delta Air Lines (NYSE:DAL) –
Delta Air Lines opened a new VIP lounge at John F. Kennedy
International Airport in New York, offering a luxury experience
with design elements inspired by the Brooklyn Bridge and Missoni
accessories. The space includes a wellness area with massage chairs
and nap pods. This lounge is part of Delta’s strategy to position
itself as the premier luxury airline in the US, with plans to open
similar lounges in Boston and Los Angeles later this year.
RTX Corp (NYSE:RTX) – RTX Corp subsidiary
Collins Aerospace is in talks with NASA to withdraw from its
contract to build new space suits for astronauts on the
International Space Station, a setback as the agency faces issues
with its decades-old extravehicular activity suits. Collins has
encountered difficulties and delays in developing the program and
is discussing with NASA how to end its role in the project.
BP Inc (NYSE:BP) – Murray Auchincloss, the new
CEO of BP, has imposed a hiring freeze and paused new offshore wind
projects to focus more on oil and gas. These changes respond to
investor dissatisfaction with the company’s previous strategy to
transition to renewable energy, which was not generating expected
returns quickly. Shares rose 0.8% in pre-market trading.
BHP Group (NYSE:BHP) – In the first half of
2024, financial advisory fees for mergers and acquisitions in Asia
reached an 11-year low of $1.5 billion amid a reduced business
landscape. Among the affected deals, mining company BHP Group
abandoned its $49 billion plan to acquire rival Anglo American,
further reducing investment banking revenue opportunities in the
region. Shares fell 1% in pre-market trading.
International Paper (NYSE:IP),
Suzano (NYSE:SUZ), DS Smith
(LSE:SMDS) – International Paper shares fell 14.85% in pre-market
trading after Suzano, the Brazilian company and the world’s largest
pulp producer, announced the end of talks to acquire the
Memphis-based paper manufacturer. Reports indicate Suzano had
proposed buying International Paper for approximately $15 billion.
Meanwhile, International Paper revealed this week that its pending
acquisition of British packaging company DS Smith, valued at more
than $7 billion, passed a significant US regulatory hurdle.
Novo Nordisk (NYSE:NVO) – Novo Nordisk
announced it will record an impairment loss of about $816.72
million in the second quarter of 2024 after the failure of the
phase 3 CLARION-CKD study to meet its primary goal. Shares rose
0.5% in pre-market trading.
GSK (NYSE:GSK) – A CDC committee recommended
RSV vaccines only for people aged 75 and older and for adults aged
60 to 74 at risk. This limits the expected coverage for younger
patients, affecting GSK’s sales expectations. Shares fell 1% in
pre-market trading.
Grail Inc (NASDAQ:GRAL) – Grail shares began
trading on Nasdaq on June 25 after the company spun off from
Illumina due to concerns from the European Commission over market
dominance in early cancer detection testing. Shares opened at
$18.35, dropping to as low as $15.84, and closed at $17. The
spin-off was approved in April 2024, with each Illumina shareholder
receiving one Grail share for every six Illumina shares. Illumina
retains a 14.5% minority stake in Grail. Grail focuses on
developing the Galleri blood test for early cancer detection,
facing strong market competition. On Wednesday, shares closed at
$16.73. Shares are stable in pre-market trading.
Merck (NYSE:MRK) – Over the years, Merck has
conducted numerous clinical studies for Keytruda, its
groundbreaking cancer immunotherapy. These studies secured
regulatory approval for the drug for 17 types of cancer, making it
one of the world’s most important medications, with sales of $25
billion in 2023, representing 40% of Merck’s total revenue.
Medtronic (NYSE:MDT), HP Inc.
(NYSE:HPE) – Karen Parkhill, CFO of Medtronic, will leave the
medical device manufacturer to join HP Inc. as CFO. Her departure
comes at a crucial time for the PC industry, which is seeking
recovery after a long post-pandemic downturn.
GameStop (NYSE:GME) – GameStop’s trading volume
fell to its lowest level in nearly eight weeks on Wednesday,
continuing to calm after the recent meme stock frenzy. Volume was
17.43 million, the lowest since May 2, well below the 65-day
average of 47.57 million. GameStop shares fell 0.5% in pre-market
trading.
Nike (NYSE:NKE) – Nike may be close to
overcoming a prolonged period of weak sales and market share loss.
First, it will face an earnings report that many on Wall Street
predict will be mediocre. The company will report numbers after the
market closes, and analysts expect revenues of $12.9 billion for
the last quarter, in line with the previous year, and earnings of
84 cents per share, up from 66 cents previously. For the full year,
earnings are expected to be $3.70 per share, with total sales of
$51.6 billion. Shares rose 0.1% in pre-market trading.
Birkenstock (NYSE:BIRK) – German sandal maker
Birkenstock announced that a $756 million secondary offering was
priced at $54 per share by an entity associated with L Catterton. L
Catterton, backed by Bernard Arnault and LVMH, will reduce its
stake in Birkenstock to 73.2%, with Birkenstock not selling shares
or receiving funds from the offering. Shares rose 0.5% in
pre-market trading.
Chipotle Mexican Grill (NYSE:CMG) – Chipotle
Mexican Grill shares rose 0.3% after its first stock split since
its debut on the New York Stock Exchange. The 50-for-1 split
adjusted the price to $65.66, making the shares more accessible to
retail investors and potentially increasing demand. Shares rose
0.5% in pre-market trading.
McDonald’s (NYSE:MCD) – McDonald’s executive
Joe Erlinger stated that the McPlant test in the US was
unsuccessful, as customers are not seeking plant-based options or
salads at the chain’s restaurants. The McPlant test in San
Francisco and Dallas ended in 2022. Instead, McDonald’s is focusing
on offering more chicken options, which are more affordable and
popular with consumers.
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